Three new reforms help ease Doing Business in Barbados, one harms
Paying taxes is one of the areas measured under the Doing Business Ranking. (FILE)
To register property in Barbados has become more of a nightmare with longer wait times.
Government will need to relook at one of the reforms implemented over the course of the past year under the area of registering property, as it has negatively impacted the ease of doing business locally.
The World Doing Business 2020 Report has highlighted this reform while giving Barbados kudos for three positive reforms.
From May 2, 2018 to May 1, 2019, Barbados was among the 115 economies out of the 190 countries ranked, which implemented business regulatory reforms across the 10 areas measured by Doing Business.
For the Doing Business 2020 ranking, Barbados received praise in the areas of:
- Getting Electricity: Barbados made getting electricity faster by deploying new software to process applications, increasing the stock of material needed for external connection works and offering training programs to the utility’s engineers.
- Trading across Borders: Barbados made trading across borders easier by streamlining inspections by port authorities and introducing an electronic system for documentary compliance. Barbados made trading across borders more expensive by increasing certificate of origin issuance fees.
- Enforcing Contracts: Barbados made enforcing contracts easier by adopting a law that regulates all aspects of mediation as an alternative dispute resolution mechanism.
Meanwhile, in the area of 'Registering Property', the World Bank stated that 'Barbados made transferring property more difficult by increasing the time to record the conveyance at the Land Registry and pay transfer fees and stamp duties.'
Overall, Barbados went up the rankings from 129 in 128 this year.